Ripple’s cryptocurrency XRP hits all time high above $3

XRP, a cryptocurrency Ripple set up, is on a strong upward trend. The centralised currency has seen a market bigger than that of bitcoin, setting new records.

Over the past month, the cryptocurrency has surged by more than 1000%. Over the past 24 hours alone, it has seen a rise of 25%, raising its market cap by 19billion. At the time of writing coin market cap puts the price of the coin at $3.26

Ripple becomes the second currency to surpass a $100 billion market cap. With a market cap of $126bn at the time of writing, the currency has overtaken Ethereum. Others are taking XRP as a pointer to the cryptocurrencies being bubbles. Such surges in value certainly cannot be sustainable.

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Ripple itself is a Real Time Gross Settlement system. The system is based on a distributed cryptocurrency XRP, otherwise known as Ripples. Unlike other cryptocurrencies that take pride in being decentralised, Ripple is a centralised currency. It is primarily a technology for facilitating internet payments. XRP was created to help achieve that goal.